# MiniMax Files A-Share IPO Guidance With Shanghai CSRC — Star Market Dual Listing Aims to Beat Zhipu, Citic Securities Leads, ARR Tops $300M After 400% Hong Kong Surge

> China's MiniMax kicks off a Shanghai Star Market listing after a 400% Hong Kong rally, racing Zhipu to be the first big-model A-share IPO.

- Org: MiniMax
- Date: 2026-05-29
- Category: ecosystem
- Source: https://www.scmp.com/business/china-business/article/3355418/ai-firm-minimax-prepares-mainland-china-listing-after-shares-surge-hong-kong
- Canonical page: https://ai-tldr.dev/releases/minimax-a-share-ipo-filing/

## In short

MiniMax filed IPO mentorship guidance with the Shanghai CSRC on May 29, kicking off a dual A+H listing. The Hong Kong-traded AI startup is valued at HK$264B (~$33.7B) after a 400% rally and reports ARR above $300M.

## What it is

MiniMax is the Shanghai-based generative AI company behind the MiniMax M-series open-weight models, the MMX-CLI agent, and consumer products like Hailuo and Talkie. After completing a January Hong Kong IPO at HK$165, it is now adding a yuan-denominated A-share leg on the Shanghai Star Market for a dual A+H structure.

## How it works

On May 29 MiniMax signed an IPO guidance agreement with Citic Securities and filed a mentorship report with the Shanghai office of the China Securities Regulatory Commission. Commerce & Finance Law Offices is acting as legal counsel and Ernst & Young Hua Ming as auditor. CSRC counseling is the first formal stage of a multi-step review process before MiniMax can launch a Star Market book-build; existing Hong Kong shares (0100.HK) continue to trade separately and are now changing hands around HK$840.

## Why it matters

The Hong Kong shares have surged roughly 400% from the January IPO price, taking MiniMax's market cap to about HK$264B (~$33.7B). Reuters Breakingviews and 36Kr report annualized revenue has more than doubled in two months to above $300M, up from $150M in February. A successful Star Market leg would give MiniMax access to onshore yuan capital and put it ahead of Zhipu, the only other Chinese big-model lab with a CSRC counseling filing on record, in the race for the first A-share AI foundation-model listing.

## Who it's for

AI investors and China public-markets watchers

## Links

- [SCMP Coverage](https://www.scmp.com/business/china-business/article/3355418/ai-firm-minimax-prepares-mainland-china-listing-after-shares-surge-hong-kong)
- [36Kr Briefing](https://eu.36kr.com/en/p/3831159799834249)
- [Reuters via TradingView](https://www.tradingview.com/news/reuters.com,2026:newsml_L4N42802F:0-china-s-ai-startup-minimax-explores-shanghai-star-market-listing/)
- [Global Times](https://www.globaltimes.cn/page/202605/1362394.shtml)